In 2019, just after our Series A. FRB had just closed our account and handed us a cheque of $5m.
I & Pelumi, walked bank to bank on the street of SF, with a $5m cheque finding a bank, they all said gtfko
Financial services are all about risk management.
First, you leverage several data points (AML checks, KYC DD, PEP and Sanctions screening...) to determine the risk of dealing with a client and you apply the appropriate actions - a normal DD, enhanced DD, or outright refusal.
